The consulting company Bain&Co together with the Italian foundation for the support of fashion and related industries Altagamma conducted a study of the luxury segment of the fashion industry.

The report shows that in 2023, the luxury goods market remained stable, reaching a volume of 1.5 trillion euros. However, in the first quarter of 2024, consumer interest in luxury declined, which led to a 1-3% reduction in sales. Experts explain the current situation by the massive tendency of Chinese citizens to make purchases abroad.

After analyzing the fashion market, Bain&Co and Altagamma shared several important observations about consumer demand.

• The phenomenon of luxury shopping: due to the increasing economic uncertainty, the concept of luxury shame is gaining more and more popularity, which means "shame because of the opportunity to consume luxury". Bain&Co emphasizes that this phenomenon is common among middle-income buyers.

• Generation Z abandons luxury:Feeling the level of economic instability, the generation of people born from 1997 to 2012 prefers to abandon luxury altogether, while generation X continues to purchase luxury goods.

• Transformation of the luxury segment of the fashion industry: many premium segment brands are expanding, so, for example, recently the trend towards the introduction of sports lines by luxury brands has become obvious.

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